Posts Tagged loan modification
YouTube video from Freddie Mac shows Utah borrowers how to make more efficient calls for loan modifications
Freddie Mac has a video on YouTube.com that walks Utah homeowners that are late on mortgage payments through the process of gathering together the documents needed and calling their loan servicing provider to start the mortgage loan modification process under President Obama’s Making Home Affordable program.
The two-minute video shows step-by-step which documents a borrower will need on-hand when they call their loan servicer to discuss a loan modification. These documents are needed to help the loan servicer to understand the borrower’s situation and determine their eligibility for a workout and process the application.
According to the video, the key documents borrowers should have when they call their servicer include:
- Most recent monthly mortgage statement;
- Pay stubs or other documents showing their household’s monthly pre-tax income;
- Most recent tax return;
- Second loan or home equity line of credit statements;
- Account balances and minimum monthly payments on credit cards, car loans, student loans or other debt;
- A short, concise description of the financial hardship that is causing – or leading to – a mortgage delinquency.
“America’s servicers are handling an extraordinary volume of calls from distressed borrowers seeking an Home Affordable Modification under the President’s program,” said Ingrid Beckles, senior vice president of default asset management at Freddie Mac. “By taking a few moments to gather these documents borrowers can help their servicer understand their financial situation and reduce the need for repeat calls.”
For more information on the Making Home Affordable program, visit http://www.makinghomeaffordable.gov or www.makinghomeaffordable.gov/spanish. Borrowers with questions about Making Home Affordable should call 888-995-HOPE.
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